Updated Two-Bedroom Residential Income
For Sale
$509,000
4191 S FOUR MILE RUN DRIVE Unit 102, Arlington, VA 22204
Two-bedroom condominium with a renovated kitchen, flexible sunroom, and access to community amenities.
Property Size1,135 SF
Price / SF$448.46
Days on Market28
Property Features for 4191 S FOUR MILE RUN DRIVE Unit 102
General Information
Standard status
Active
Size
1,135 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,317
Amenities
community pool
fitness center
clubhouse
Building Details
Building Size
1,135 SF
Year Built
1966
Listing Agency:
EXP Realty, LLC
Listed By:
Andrea Vaccarelli · License #0225225090
(703) 831-2288
Source:
Kerishull
Added: Aug 6
Changed: Aug 31
Last Checked: Sep 1 at 11:15PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty, LLC
Investment Insights
Based on property information with market context.
This two-bedroom, two-bath condominium offers 1,135 square feet of interior space within a 1966-built residential community. The home includes an updated kitchen with an open layout, a sunroom that can serve as an office or additional sitting area, and a primary suite with a renovated en-suite bathroom. A second bedroom and full bathroom provide additional flexibility within the floor plan.
Community amenities include a pool, fitness center, and clubhouse. The property is in West Village of Shirlington, with access to I-395 and proximity to the Pentagon, National Landing, Old Town Alexandria, Reagan National Airport, and Washington, D.C.
Community amenities include a pool, fitness center, and clubhouse. The property is in West Village of Shirlington, with access to I-395 and proximity to the Pentagon, National Landing, Old Town Alexandria, Reagan National Airport, and Washington, D.C.
Key Highlights
- Two‑bedroom, two‑bath condominium with 1,135 square feet
- Updated kitchen with open layout and contemporary finishes
- Sunroom provides additional flexible living or workspace
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,079
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.36%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$341,580
$341.6K
Cap Rate 7%
$243,986
$244.0K
Cap Rate 9%
$189,767
$189.8K
Market Conditions
NOI Build-Up for 1,135 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$32.7K $28.80/SF
− Vacancy
−$1.6K −$1.44/SF
EGI
$31.1K $27.36/SF
− OpEx
−$14.0K −$12.31/SF
NOI
$17.1K $15.05/SF
Area
Arlington, VA
Vacancy
5.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$341,580
Cap Rate 7%
$243,986
Cap Rate 9%
$189,767
Alternative Uses
Best Use
Apartment 5plus
$244.0K
$213.5K – $284.7K
NOI $17,079 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$630.4K
$551.6K – $735.5K
NOI $44,129 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
805
Businesses Nearby
Explore this area
Business Placement
Demographics for 22204, VA
52,761
Population
24,128
Households
2.2
Avg Household Size
35
Median Age
62%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
12,869
Density / Sq Mi
$109,277
Median Household Income
$73,091
Median Earnings
$1,871
Median Rent
$672,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with a renovated kitchen, flexible sunroom, and access to community amenities.
Where is this residential income property located?
The property is located at 4191 S FOUR MILE RUN DRIVE Unit 102 Arlington, VA.
What is the asking price?
The asking price for this property is $509,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with 1,135 square feet; Updated kitchen with open layout and contemporary finishes; Sunroom provides additional flexible living or workspace
